Glassnode Co-Founders Name One Catalyst That Could Trigger Bitcoin FOMO, Say Battle for $69,000 Is On

The co-founders of crypto analytics platform Glassnode imagine that Bitcoin (BTC) is able to enter uncharted territory after an prolonged consolidation interval this 12 months.

Jan Happel and Yann Allemann, who use Negentropic, narrate their 63,200 followers on the social media platform

The founders of Glassnode share a chart indicating that Bitcoin has already damaged above its diagonal resistance that has stored BTC bearish since March.

In a Swissblock report, Glassnode executives say the break within the resistance means Bitcoin is now open to a rally to all-time highs of $74,000 and better. Additionally they see the upcoming US presidential election as a possible catalyst that might trigger Bitcoin FOMO (concern of lacking out).

“We do not rule out {that a} Trump win may set off FOMO, however that would not be the explanation for Bitcoin’s value rise, simply as a Harris win may improve danger and quickly gas FUD whereas the items are repositioned …

We can not doubt Trump’s good intentions concerning Bitcoin, however on the identical time we can not unconditionally give the good thing about the doubt to the guarantees of a politician throughout an election marketing campaign. Both method, if FOMO creates a ‘Trump pump’, we actually will not complain.”

Donald Trump, as soon as an outspoken crypto critic, has turned heel and is now taking a place as a pro-digital asset candidate. Talking on the Bitcoin2024 convention, Trump stated he would cease the federal government from placing the seized BTC on the open market and direct officers to maintain the treasure as an funding.

Zooming in on Bitcoin, Happel and Allemann say Bitcoin’s on-chain knowledge signifies BTC is gathering bullish momentum whereas displaying low danger.

“The speedometers point out that we’re in a regime considerably dominated by Bitcoin, with bullish value momentum, a zero worth on the Bitcoin Danger Index and a steady elementary scenario in a impartial zone.”

On the time of writing, Bitcoin is buying and selling at $69,219, up greater than 1% on the day.

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